Samsung, Google sign patent agreement

Samsung Electronics Co. has signed an agreement with Google Inc. to cross-license their patents, reducing the risk of costly legal disputes over intellectual property and likely fostering greater collaborate between the two tech giants.

Seoul-based Samsung said Monday that the deal covers patents to be filed over the next 10 years as well as existing patents. Financial terms were not disclosed.

Allen Lo, a deputy general counsel at Google, said in a statement that the deal allows the two to reduce the potential for litigation and to focus on innovation.(AP)